Madrid suburb picked for EuroVegas casino resort

MADRID -- A multibillion-dollar "EuroVegas" casino resort will be built in the outskirts of Madrid, hopefully bringing much-needed jobs and investment, officials from Spain and Las Vegas Sands casinos said Friday.

Madrid's regional government president, Ignacio Gonzalez, said Eurovegas will occupy an area equivalent to 750 football fields in the suburb city of Alcorcon and the first phase of construction will begin late this year.

Building the entire complex just south of Madrid is likely to take up to 18 years and it is estimated that some 260,000 jobs could be created.

The mastermind behind the project is 79-year-old American tycoon Sheldon Adelson and his company Las Vegas Sands Corp.

The figures linked to the plans presented at Madrid's town hall are dizzying, especially for a country with a swollen deficit and unemployment at a staggering 26 percent. Some 22 billion euros (US$29.5 billion) will be invested to build 12 hotels, six casinos, a convention center, three golf courses, theaters, shopping malls, bars and restaurants.